Liquidate my Retirement

[bossman068410]

My retirement Is through the LOCAL UNION I belong to.
I have asked for it and they claim that I have to Quit the Union
then I can't touch it for 2 years then I can have it transferred.

Do you guys think I can sue them to get the funds?

ps. I'm not retired. I just want to get my money out of the system before it tottaly tanks. I don't trust them to make the right investment decisions.

 

[ArchPaul]

Not sure if you can sue. But the quit/leave the co. is SOP. The 2 year wait may be a vesting period. And sueing them may take just as long as the 2 year wait.

 

[kathy88]

This is the vesting period. And if you do pull it after that you will be penalized. There are only certain reasons you can pull it, as well. Also, you cannot change your investments into foreign markets. I've been around and around with my hubby's union. It's very discouraging to watch the value go down monthly.

 

[Zippyjuan]

Vesting period usually means the time you have to work for the company before you become elgible for the benefits. Most of the union plans I am aware of (I am in a union) are defined benefit plans- you will get a specific amount of money each month when you retire based on how much time you put into the company. They are not really transferable like a defined contribution plan like an IRA or 401k where you put in a certain amount and get back depending on how the investiments on that money perform. Some defined benefit plans may offer you the option of a lump sum payment but they do not have to. You do have to be retired from the company to receive any of the funds.

 

[bossman068410]

I think it is sick we are forced to put our money into places WE DO NOT CHOOSE

The only choice I have is

You can pick option 1, 2, 3, or 4

Sorry that's all we will allow you to do.

It's MY MONEY AND I SHOULD HAVE THE CHOICE WHERE TO INVEST IT>

 

[bossman068410]

Wait I KNOW OF A WAY

I got a divorce and part of the settlement my ex got part of my retirement
She was able to cash it in !!!!!!

mmm Now I got to get my ex and a my lawyer together.

 

[Working Poor]

It's MY MONEY AND I SHOULD HAVE THE CHOICE WHERE TO INVEST IT>

Yes it is your money but it seems that they can do whatever they want with it how terrible for you so sorry bossman.

Get on your high horse for freedom!!

 

[Josh_LA]

can you sue them? Yes, all stupid lawsuits are allowed in US, is it going to be worth it? I don't know, ask around.

 

[Anti Federalist]

I think it is sick we are forced to put our money into places WE DO NOT CHOOSE

The only choice I have is

You can pick option 1, 2, 3, or 4

Sorry that's all we will allow you to do.

It's MY MONEY AND I SHOULD HAVE THE CHOICE WHERE TO INVEST IT>

No, it's not and that's the problem.

Is this a union sponsored 401k or a union pension plan or self funding union pension?